LONDON—Is the growth of fintechs slowing?
A new report from Innovative Finance reveals that fintech funding across the globe slumped noticeably in 2022.
The report showed U.K.'s fintech industry funding slumped 8% last year, while overall fintech funding globally dropped 30%, Finance Magnates stated in its analysis.
The report shows U.K.’s fintech sector attracted $12.5 billion in 2022, compared to $13.5 billion reached a year earlier.
“The decade-long rapid growth of the industry backed by venture capital has been halted by rising interest rates and market shocks caused by the war in Ukraine,” Finance Magnates reported, adding $10.2 billion alone went to fintech companies located in London.
"London's fintech industry has consistently proven itself to be both robust and ambitious in the face of economic challenges. As businesses brace for a turbulent 2023, fintech firms can play a vital role. Our industry can and will bounce back quickly, driving growth, job creation and enabling businesses to reach their full potential," Khalid Talukder, the co-founder of DKK Partners, said.
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